Nippon Life India Asset Management saw a steady quarter; core income was in-line as revenue/opex met expectations. An exceptional item of Rs 96.8 crore was recognised, relating to past investments in YES Bank AT1 bonds; its impact would be ~5% of FY27 core PAT. Blended yield was down 0.4 basis points QoQ for NAM vs 1.3bps rise for larger peers.
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PL Capital Report
According to brokerage PL Capital, Nippon Life India Asset Management Ltd. saw a steady quarter; core income was in-line as revenue/opex met expectations.
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An exceptional item of Rs 96.8 crore was recognised, relating to past investments in YES Bank AT1 bonds; its impact would be ~5% of FY27 core PAT.
Blended yield was down 0.4 basis points QoQ for NAM vs 1.3bps rise for larger peers.
While net equity flow market share declined from 11% in Q1 FY27 to 9.3% in Q2 FY27, it remains above stock equity market share of 7.5%.
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Market volatility is slowing down MF industry flows, though strong retail presence may help Nippon Life against potential redemptions.
PL Capital has tweaked multiple to 37 times from 38x on Sep'28 core earnings per share and change target price to Rs 1,200 from Rs 1,250 and retained ‘Buy' rating, implyig a potential upside of 23% from the reports market price.
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